Default a factor in bank test June 23, 2011 EUROPE’S banking regulator said that it has updated its stress test protocol for the region’s banks to factor in a possible Greek default. The European Banking Authority (EBA) has until now refused to include the possibility of a sovereign default in its tests. The EBA said yesterday it was closely monitoring the perilous financial situation [...]
Williams wades into energy deal June 23, 2011 US energy group Williams Companies last night tried to break up a rival’s takeover deal with pipeline company Southern Union by making an unsolicited $4.9bn cash bid. Energy Transfer Equity had already offered Southern Union $4.1bn in a stock deal. Southern Union shares rose around 15 per cent in after market trading last night. Barclays [...]
AIB in talks over capital raising June 23, 2011 Allied Irish Banks announced yesterday that discussions are continuing with the Government over the terms and structure of a capital raising in order to satisfy recent stress tests. Ireland, which already owns 93 per cent of the bank, could end up taking more control of the bank and buying more shares, resulting in potentially significant [...]
Harry Potter and the publishers of fury June 23, 2011 JK ROWLING yesterday delivered a warning shot to the publishing industry that it must adapt to the rapidly-changing online world or risk becoming marginalised. The Harry Potter author revealed she will offer her record-breaking children’s books for download through her own website, circumventing the need to visit digital bookshops like those owned by the likes [...]
Coalition closes its advertising agency and slashes budget June 23, 2011 THE government has confirmed it will close its Central Office of Information and that its advertising budget has been cut by almost 70 per cent. The closure of the agency, which commissions government advertising and publicity campaigns, will result in the loss of up to 400 jobs. The decision follows a review in March by [...]
Global Ports prices IPO June 23, 2011 Russian port operator Global Ports has priced its up to $572m (£355m) London initial public offering (IPO) at the lower end of the range, in a bid to get the float away amid tough market conditions. The container terminal operator will price its shares in the lower half of its $14.70 to $16.10 range, sources [...]
Private equity could fall foul of Bribery Act June 23, 2011 PRIVATE equity firms in the UK could be held liable for bribes paid by officials at companies they own, the Serious Fraud Office has said, following uncertainty in the sector as to what it would mean for business. SFO director Richard Alderman warned private equity clients of the law firm Debevoise & Plimpton LLP in [...]
LSE under fresh pressure to complete TMX merger June 23, 2011 THE LONDON Stock Exchange’s friendly merger with Toronto bourse operator TMX was put under renewed pressure yesterday, after the Maple group of Canadian banks and pension funds increased its hostile offer. Shareholders in TMX now face a tough choice, to be settled in a vote next week, over which deal to accept. Maple has increased [...]
Spurs lose Olympic Stadium fight June 23, 2011 High Court judge rejects applications from Tottenham and Leyton Orient to take OPLC’s decision to judicial review TOTTENHAM and Leyton Orient have failed in their attempts to prevent West Ham from moving into the Olympic Stadium after their bids for judicial reviews were rejected by a High Court judge. The north Londoners and chairman Daniel [...]
Big guns continue to make solid progress June 23, 2011 SIX-TIMES Wimbledon champion Roger Federer served up a late night masterclass under the Centre Court roof on day when the tournament favourites flexed their muscles at SW19. The former world No1 required just over an hour-and-a-half to dispatch France’s Adrian Mannarino, dropping just seven games on the way to booking a third round clash against [...]
